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Strategic Models of Sovereign-Debt Renegotiations

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Author Info
Fernandez, Raquel
Rosenthal, Robert W

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Abstract

The sovereign-debt literature has often implicitly assumed that all the power in the bargaining game between debtor and creditor lies with the latter. This paper explores that assumption by analyzing three game-theoretic models of debt renegotiations. In two of the models, both of which are built on the traditional one-sector growth model, all the subgame-perfect equilibria have an extreme form in which the game's surplus is captured by the creditor. The third game has many subgame-perfect equilibria that do not have this feature, however. The roles of various assumptions in all three games are examined. Copyright 1990 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 57 (1990)
Issue (Month): 3 (July)
Pages: 331-49
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Handle: RePEc:bla:restud:v:57:y:1990:i:3:p:331-49

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  1. Drelichman, Mauricio & Voth, Hans-Joachim, 2009. "Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598," CEPR Discussion Papers 7276, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Bernardo Guimaraes, 2008. "Optimal External Debt and Default," CEP Discussion Papers dp0847, Centre for Economic Performance, LSE. [Downloadable!]
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  3. Kenneth M. Kletzer & Brian D. Wright, 2000. "Sovereign Debt as Intertemporal Barter," American Economic Review, American Economic Association, vol. 90(3), pages 621-639, June. [Downloadable!] (restricted)
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  4. Monika Schnitzer, 1995. "Debt versus Foreign Direct Investment: The Impact of Sovereing Risk on the Structure of Capital Flows to Developing Countries," Discussion Paper Serie A 484, University of Bonn, Germany. [Downloadable!]
  5. Luisa Lambertini, 2001. "Volatility and Sovereign Default," Boston College Working Papers in Economics 577, Boston College Department of Economics. [Downloadable!]
  6. Harold L. Cole & Patrick J. Kehoe, 1994. "The role of institutions in reputation models of sovereign debt," Staff Report 179, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  7. Cristina Echevarria, 2000. "Non-homothetic preferences and growth," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 9(2), pages 151-171, June. [Downloadable!] (restricted)
  8. Kim Oosterlinck & Loredana Ureche-Rangau, 2004. "Entre la peste et le choléra Le détenteur d’obligations peut préférer la répudiation au défaut…," Working Papers CEB 04-021.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
  9. Harold L. Cole & Patrick J. Kehoe, 1991. "Reputation with multiple relationships: reviving reputation models of debt," Staff Report 137, Federal Reserve Bank of Minneapolis. [Downloadable!]
  10. Emanuel Kohlscheen & Stephen A O'Connell, 2006. "A Sovereign Debt Model with Trade Credit and Reserves," WEF Working Papers 0004, ESRC World Economy and Finance Research Programme, Birkbeck, University of London. [Downloadable!]
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  11. Harold L. Cole & Patrick J. Kehoe, 1996. "Reputation spillover across relationships: reviving reputation models of debt," Staff Report 209, Federal Reserve Bank of Minneapolis. [Downloadable!]
  12. Hossein Kazemi & Ayla Ogus, 2008. "The Determinants of the Secondary Market Price of Less Developed Countries’ Debt," Atlantic Economic Journal, International Atlantic Economic Society, vol. 36(2), pages 153-164, June. [Downloadable!] (restricted)
  13. Harold L. Cole & Patrick J. Kehoe, 1996. "Reputation Spillover Across Relationships with Enduring and Transient Beliefs: Reviving reputation Models of Debt," NBER Working Papers 5486, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  14. Chang, Roberto, 1991. "Private Investment and Sovereign Debt Negotiations," Working Papers 91-47, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  15. Eduardo Levy Yeyati, 2004. "Recurrent Debt Problems and International Safety Nets," Business School Working Papers safetynets, Universidad Torcuato Di Tella. [Downloadable!]
  16. Harold L. Cole & Patrick J. Kehoe, 1997. "Models of sovereign debt: partial vs. general reputations," Working Papers 580, Federal Reserve Bank of Minneapolis. [Downloadable!]
  17. Kenneth Kletzer, 2003. "Sovereign Bond Restructuring: Collective Action Clauses and Official Crisis Intervention," IMF Working Papers 03/134, International Monetary Fund. [Downloadable!]
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